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The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community.
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The Convoluted Story of Crypto and CoronavirusThe recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic.
According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus.
China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08.
Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change.
To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events.
Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project.
Impact on the crypto
Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around.
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The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
Binance will compete with Chinese exchanges like Huobi and OKEx which already have Bitcoin mining pool operations. Binance is a significant player in cryptocurrency circles. Already, the effect of their entrance is being felt as Huobi has lost a few points in its share of the global hash rate. Binance enters this field with a lot of Bitcoin in reserve and can have a level of flexibility most ... Als anführend unter den Mining Pools gelten Antpool, F2Pool und Poolin mit jeweils zwischen 15 und 20 Prozent der Hashrate hinter Bitcoin. Der Binance Pool rangiert nach aktuellen Daten bisher mit um 1 Prozent unter „ferner liefen“. Binance hat also nicht selbst Rechnerfarmen aufgebaut, sondern will als technologischer Dienstleister tätig sein. Ist BTC Mining mit Binance für mich eine ... Binance kocht eerder deze maand een van de grootste crypto sites ter wereld: Binance gaf meer dan $300 miljoen uit voor CoinMarketCap. Ook zijn er nu bitcoin opties beschikbaar in de mobiele app. CZ wil in zoveel mogelijk niches in de bitcoin markt actief zijn. En daar hoort ook een betaalkaart bij. Binance Mining Pool meldet seinen ersten Bitcoin-Block – Verstärkt den Wettbewerb. Binance bringt die Betaversion seines Bergbaupools auf den Markt und bietet laut ihrem CEO die niedrigsten Gebühren, was den Wettbewerb in diesem Bereich verstärkt. Changpeng Zhao, der CEO von Binance, twitterte, Der erste Block, der jemals vom @Binance Mining Pool abgebaut wurde. Immer noch in ... First Mined Block at Binance . Currently, the average mining fees on popular mining pools is around 0-4%, it varies according to the mining rewards and payment schedule. Currently, the distribution in mining pools is led by F2Pool, BTC.com, Poolin and AntPool. Bitcoin Mining Pool Hashrate Distribution F2Pool. Pros: Additional coins supported, low payout threshold, daily payouts. Cons: 2.5% fee. F2Pool is a medium-large pool established in 2013. Operating a PPS+ reward system, F2Pool takes a 2.5% fee, which is a bit on the high side. Aside from Bitcoin, F2Pool also supports mining Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), as well as other ... F2Pool is a geographically distributed mining pool, helping miners all over the globe secure Bitcoin and 40+ Proof–of–Work networks since 2013. Top 100 PoW Cryptocurrencies - Learn more about your favorite coins. PoW Rankings Popular Miners Mining Farms Halvings More . App Tools Halvings Help Submit Request English. 简体中文 繁体中文 Español. Create Account Sign In. BTC Profit ... F2Pool is a geographically distributed mining pool, helping miners all over the globe secure Bitcoin and 40+ Proof–of–Work networks since 2013. f2pool distributes mining revenues on a daily basis to every user who reaches the payout threshold, which is 0.1 BCD. f2pool’s payout scheme is 3% PPS. We recommend the official wallet. After installing it, click Receive to get your new wallet address. You can also choose an exchange, such as Binance or BW. Note: You should always do your own due diligence when choosing a wallet provider or ... NiceHash is a special multi-mining pool as it allows users to mine any hashing algorithm and to sell the hashing algorithm in the Nicehash hashpower exchange to users that want to buy a profitable mining contract. Nicehash charges a 3% fee and miners are paid in Bitcoin. Dispite charging a 3% fee on orders, selling your hashpower with NiceHash is usually more profitable than mining the ...
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